Former New York Metropolis mayor Eric Adams on Monday introduced the launch of a brand new cryptocurrency, dubbed NYC Token, and mentioned it would support within the fight towards resurgent antisemitism.
The venture’s website mentioned the coin “represents the unstoppable vitality of the Huge Apple” and declared, “That is greater than a token—it’s a motion.” It didn’t present any particulars on how the asset could be used, in New York or elsewhere.
Adams, whose time period ended on January 1, has shut ties to Jewish communities within the US metropolis and is a staunch supporter of Israel.
He has particularly emphasised these credentials for the reason that election in November of his successor, Zohran Mamdani, who has a historical past of anti-Israel activism and whom neighborhood leaders have accused of tolerating antisemitism.
At a press convention, Adams mentioned that “one focus we’ve on this New York Metropolis coin is to make use of the income producing to handle anti-Americanism, antisemitism, to show our youngsters methods to embrace the blockchain know-how of methods to run cities appropriately,” in line with The New York Submit.
He mentioned income from the coin would go to an as-yet-unnamed nonprofit, which might in flip fund teams combating antisemitism. The enterprise mannequin was not instantly clear.
Adams additionally mentioned the venture would assist traditionally Black faculties and universities, the Submit reported.
The ex-mayor launched a brief video asserting the coin, during which he declared from the again of a yellow cab: “We’re about to alter the sport. This factor is about to take off like loopy.”
Proud to launch @buynyctoken, a brand new token constructed to fight the fast unfold of antisemitism and anti-Americanism throughout this nation and now in New York Metropolis.
Now reside at https://t.co/zowY9Ri3aK pic.twitter.com/qBMzV88Tmj
— Eric Adams (@ericadamsfornyc) January 12, 2026
Inside minutes of NYC Token’s preliminary providing — the purpose at which most people is ready to buy the digital asset, analogous to a inventory’s IPO – the coin’s worth skyrocketed, solely to plummet 80 % throughout the subsequent half-hour.
Based on a story by the Decrypt information website, carried by Yahoo Finance, information evaluation confirmed that the sharp fall in worth got here after a person linked to NYCToken’s growth bought some $2.43 million price of the coin, suggesting a so-called “rug pull” rip-off.
In a rug pull, somebody who acquired a coin earlier than it went in the marketplace waits till the general public launch causes its worth to spike inside an change pool, then cashes out right into a extra secure, priceless coin. The scammer, having supplied the preliminary liquidity, also can generate income by means of charges related to the trades.
NYC Token acknowledged the exercise, posting on X: “Given the overwhelming assist and demand for the token at launch, our companions needed to rebalance the liquidity.” The venture added: “We’re in it for the lengthy haul!”
Assertion: pic.twitter.com/krRJEV4tjp
— NYC Token (@buynyctoken) January 13, 2026
The person who made the preliminary liquidity pull later returned some $1.5 million to the change, however about $1 million stays unaccounted for, in line with an evaluation cited by Decrypt.
Adams, a Democrat who dropped his floundering reelection bid final yr after initially working as an impartial, was beforehand below federal investigation for alleged bribery. The fees towards him had been dropped in 2025, on the behest of the Trump administration.
He’s a longtime supporter of cryptocurrency, and insisted on receiving his first few paychecks as mayor in Bitcoin.
